1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The goals set in the Government Work Report are basically in line with market expectations, and there are no obvious incremental measures exceeding expectations at the policy level. The overall policy tone continues the previous one, and its boosting effect on the market is relatively limited. The market is expected to maintain a volatile repair pattern, and attention should be paid to the relevant content of the press conference on the economic theme during the Two Sessions [1][3] 3. Summary by Directory 3.1 Market Analysis - **Macro Aspect**: The Government Work Report sets this year's main development targets, including an economic growth rate of 4.5%-5%, a target of creating over 12 million new urban jobs, a CPI increase of about 2%, and a reduction in carbon dioxide emissions per unit of GDP by about 3.8% [1] - **Middle East Situation**: Tensions are high, with Iran preparing for a potential US ground invasion and rejecting restarting negotiations with the US. Trump's remarks on determining Iran's next supreme leader were strongly refuted by Iran, and Israel launched the 13th round of air strikes on Tehran [1] - **US Domestic Situation**: 24 US states sued to block new tariff measures announced by the Trump administration [1] - **Stock Market**: A-shares continued to rebound, with the Shanghai Composite Index rising 0.64% to 4108.57 points and the ChiNext Index rising 1.68%. Most sector indices declined, with oil and petrochemicals, coal, transportation, and banking leading the gains, while national defense and military industry, electronics, computers, and media sectors leading the losses. The trading volume of the Shanghai and Shenzhen stock markets was 2.4 trillion yuan. Overseas, the US three major stock indices all closed down, with the Dow Jones Industrial Average falling 1.61% to 47954.74 points. The number of initial jobless claims in the US last week was 213,000, slightly lower than the expected 215,000 [2] - **Futures Market**: The basis of IF, IC, and IM futures contracts declined, and the trading volume and open interest of stock index futures increased simultaneously [2] 3.2 Strategy - Pay continuous attention to the positive signals that may be released during the Two Sessions. If there is no content exceeding expectations, the market is expected to maintain a volatile repair pattern. Focus on the relevant content of the press conference on the economic theme during the Two Sessions today [3] 3.3 Charts - **Macro Economic Charts**: Include the relationship between the US dollar index, US Treasury yields, RMB exchange rate and A-share trends, and the relationship between US Treasury yields and A-share styles [6][8][10] - **Spot Market Tracking Charts**: Show the daily performance of major domestic stock indices, the trading volume of the Shanghai and Shenzhen stock markets, and the margin trading balance [6][13][14] - **Stock Index Futures Tracking Charts**: Provide information on the trading volume, open interest, basis, and inter - period spreads of IF, IH, IC, and IM futures contracts, as well as the open interest and net positions of foreign investors in these contracts [6][15][17]